ABM boosts dividend 18% to 26.5c per share

ABM (ABM) announced that its Board of Directors has approved a quarterly cash dividend of 26.5c per common share, which is a 18% increase from the prior quarterly cash dividend of 22.5c per common share. The increased dividend is payable on February 3 , to shareholders of record on January 2. This will be the Company’s 235th consecutive quarterly cash dividend and represents the 57th consecutive year of ABM raising its dividend. Sudhakar Kesavan, Chairman of the Board of Directors of ABM, commented, “This dividend increase reflects the Board’s continued confidence in ABM’s growth trajectory, strategic vision, and philosophy of balanced capital allocation.” “I am pleased the Board of Directors has approved our dividend increase,” said Scott Salmirs, ABM’s President & Chief Executive Officer. “This puts us on a solid path to achieve our long-term dividend payout ratio target of around 30% of adjusted net income. It is also an affirmation of the resilience of our business model, market positioning, and our ability to generate cash, which affords us the opportunity to consistently return capital to shareholders while still continuously investing in our business.”